Ethereum Is Possibly Driving Blockchain’s Adoption, Fintech CEO

Ethereum may drive blockchain to be as broadly adopted as the Internet, Jeremy Allaire

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  • Jeremy Allaire says Ethereum is possibly accelerating the rate of crypto and Blockchain adoption.
  • Barry Silbert predicted that next year would be a better year for both cryptocurrencies and Blockchain.

During the CNBC’s ‘Fast Money’ on Wednesday 18th July 2018, the co-founder and CEO of Circle fintech company, Jeremy Allaire, stated that someday both cryptocurrency and Blockchain may become “as broadly adopted as the internet is today.” Jeremy added that Ethereum could possibly be the key driver of this occurrence:

“Right now, Ethereum has an enormous amount of developer activity…one of the things that really catalyzed the [cryptocurrency] market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it…You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.”

Ether (ETH) is the name of the digital currency created by Ethereum – the firm that created a platform for blockchain apps. Ethereum originally launched Ether to raise fund to develop the platform.

According to Jeremy, Ethereum has made it possible for initial coin offerings (ICOs) to increase dramatically. Data from CoinSchedule revealed that about $3.8 Bln was raised through ICOs in 2017, but more than thrice this value was raised within only 6 months in 2018, a total amount of about $12.4 Bln has been raised through ICOs this year.

He added that the Ethereum platform has “…also catalyzed a lot of competing infrastructures…,” he pointed out that other rivalry platforms out there in the market include Cardano, NEO, and EOS etc.

Presently, according to marketcoinprice, Ether is the global second largest digital currency after Bitcoin by market value.

This week recorded a joyful moment for cryptocurrency traders and enthusiasts as the price of Bitcoin slipped above $7k on Tuesday from about 6k it dropped to last month. This significant increase is a sign that Bitcoin “is not dead” according to bitcoin bulls.

The CEO and founder of Digital Currency Group, Barry Silbert, stated also at the CNBC’s ‘Fast Money’ on Wednesday that:

“When the chair of the Fed says negative thing about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a really bullish sign.”

Barry further predicted that next year, 2019, would be a better year for both cryptocurrencies and Blockchain, with a better understanding of the digital currencies, and increased accessibility. He said:

“I’m all about the infrastructure that’s required to create the on-ramps and the off-ramps for Wall Street to get involved in this asset class.”

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